Math/Algebra question ASAP?

Question

I need to know how to figure this out. I need a problem written that will compute 1 years earnings (100,000) x 5% = and then ADD that to the next year, FOR EACH YEAR for 45 years for a lifetime earnings.
This is what I have each year is 100000 x 5%=100500 addd to next year 100,500+100,500=201,000 plus 100,500= 301,500+100,500= and so on for 45 years

Is there an easy way to do this without adding each and every year together? Please help me ASAP!!!

Thank you very much!!

Answer 1

the equation is:

100,000 X (1.05)^45

solve that and you'll have the answer

Answer 2

I think this is what you are looking for:

1st year: 100,000 + 5% of 100,000 =
1st year: 100,000 + 5,000 = 105,000

2nd year: 105,000 + 105,000 = 210,000 (and so on).

↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓

45th year: 105,000 + (44 x 105,000) =
45th year: 105,000 + 4,620,000 = 4,725,000


Another way to get the answer is by:
1st year: 100,000 + 5% of 100,000 =
1st year: 100,000 + 5,000 = 105,000

105,000 x 50 = 4,725,000